FAC1502 Assignment 3 due 19 September 2023 semester 2

9/14/23, 1:37 PM Assessment 3


QUIZ




Time left 0:04:21

Question 1
Membership fees of Gizmo Soccer Club was R550 per year for 20.1 and R500 per year for
Answer saved 20.2. On 31 December 20.1, it was noted that 10 members did not pay their membership
Marked out of fees for 20.1 and 2 members paid their membership fees for the 20.2 on 31 December. The
1.00 financial year end of Gizmo Soccer Club is 31 December.


The membership fees account in the general ledger of Gizmo Soccer Club will be
credited with … on 31 December 20.1.
Instructions:
1. Round off to the nearest Rand (eg: 50.56 is 51)
2. Only show the amount, do not show the R (eg: 12141)




Answer: 5450




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, 9/14/23, 1:37 PM Assessment 3

Question 2
The following information pertains to the Gunner Supporters Club:
Answer saved
Balances as at 30 September 20.20 R
Marked out of
1.00 Membership fees – 15
received…………………………………………………………................ 810
Accrued membership fees 1
(30/09/20.19)…………………………………………............ 860
2
Membership fees received in advance (30/09/20.19)…………………………...…..
700
Advertising 2
expenses………………………………………………………………....................... 500
Thierry Henry fund - 22
(30/09/20.19)…………………………………………………............. 000


Additional information
The following transactions must be taken into account for the year ended 30 September
20.20:
(a) During the current year 12 new members joined the club. The entrance fee per
member is R600 and 75% of the entrance fees received should be capitalised and the
balance recognised immediately.


(b) At year-end accrued membership fees amounted to R2 250 and membership fees
already received for to the next financial year amounted to R5 400. 50% of the accrued
membership fees balance outstanding at the beginning of the financial year should be
written off.


(c) On 1 October 20.19, Thierry Henry donated an amount R22 000 to the club, the
funds were then invested on the same day in a fixed deposit account with Wenger Bank at
an interest rate of 6,5%. The condition for the donation is that the income from the
investment should be used to advertise the club and the capital amount can only be used
after 10 years.


(d) Advertising expenses incurred by the club were R2 500 for the 30 September 20.20
financial year.
The advertising expenses that should be recognised as an expense in the statement of
income and expenditure for the year ended 30 September 20.20 will be...


Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)




Answer: 2500




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